PUBLISHER: Aviation & Defense Market Reports (A&D) | PRODUCT CODE: 1296958
PUBLISHER: Aviation & Defense Market Reports (A&D) | PRODUCT CODE: 1296958
Global Precision Guided Munitions Market
A precision-guided munition (PGM, smart bomb, smart weapon, or smart munition) is a guided munition designed to hit a target precisely while causing the least amount of collateral damage. The use of this technology is especially important owing to the proliferation of warfare tactics like urban warfare. The use of precision-guided missiles would hereby ensure reduced damage and ensure civilian as well as personnel safety
Major factors driving Precision Guided Missiles Market Growth:
Growing defense budgets across the global economies are poised to be one of the factors that have led to the overall growth associated with the precision guided munitions market. The overall market for precision guided munitions is hereby poised to grow owing to the increased military procurement. The brewing geo-political conflicts and border tensions between nations are other factors that are expected to drive the growth associated with the precision guided weapons sector.
Countries within the Indo-Pacific region as well as APAC have been facing adversities owing to border tensions between nations. For instance, the countries India and China have a strained relationship, however, this has in turn led to the increased procurement of precision-guided missiles in totality.
Trends influencing the Precision Guided Munitions Market Size:
The growing lethality of weapons within the international markets has led to burgeoning investments in research and procurement associated with precision guided weapons. The tense geopolitical climate between China and the US has also been a key contributor to the rising investment in precision guided munitions. Additionally, it has also been brought to notice that the growth in modernization programs has led to an increase in the weapons trade.
Additional factors like the growth in indigenous programs are also expected to give a rise to the growth in the development of precision-guided weapons. The local sourcing of components for the development of defense equipment is poised to hereby poised to increase the percentage of skilled labor within said economy. Moreover, the growth in local programs would potentially give rise to an increase in direct, indirect as well as induced employment as per the multiplier effect.
Precision Guided Missiles Market Forecast & Dynamics:
Precision guided munitions have also been retrofitted to aircraft models that are to be used by aviation and defense personnel. For instance, it is noted that the AH-64E Apache and AH-1Z Super Cobra attack helicopters were successfully fitted with the JAGM missile in 2010, and the missile attained basic operational capability in 2019. All of the following aircraft are anticipated to have JAGM: the FA18E/F Super Hornet, MQ-1C Grey Eagle, MH-60M Defensive Air Penetrator, MH-60S Seahawk, F-35 Lightning II, and P-8 Poseidon.
The development of programs to boost fire-control capabilities across various platforms is poised to boost the growth rate across the precision-guided missiles market.
Precision Guided Munitions Market Analysis for Recent Developments:
The Precision Strike Missile (PrSM) is a new development program that will eventually take the place of the ATACMS. PrSM is a multiple rocket launcher system that can be launched from the M270 and M142 HIMARS. According to the US Army, PrSM is designed to launch two missiles from a single launcher pod, has a range of over 400 kilometers, and features an anti-jam GPS antenna. PrSM is currently in development and is expected to be operational in FY2023. The Army has not yet said when the PrSM will be evaluated. Although this missile may be delivered to foreign forces in the future, the US Army claims that no foreign nations have made purchase commitments as of 2019.
As a part of this program, Lockheed Martin was noted to have received a contract worth USD 158 million contract to construct more Early Operational Capability (EOC) Precision Strike Missiles as of this year (2022). It follows a fruitful Manufacturing Readiness Assessment milestone visit with the Army, which was a crucial stage in the development program that brought PrSM closer to fielding. This is the second manufacturing contract that has been received yet. In September 2021, the U.S. Army issued the first contracts for EOC production and Engineering and Manufacturing Development (EMD).
A precision-guided munition (PGM, smart bomb, smart weapon, or smart munition) is a guided munition designed to hit a target precisely while causing the least amount of collateral damage. The use of this technology is especially important owing to the proliferation of warfare tactics like urban warfare. The use of precision-guided missiles would hereby ensure reduced damage and ensure civilian as well as personnel safety
Major factors driving Precision Guided Missiles Market Growth:
Growing defense budgets across the global economies are poised to be one of the factors that have led to the overall growth associated with the precision guided munitions market. The overall market for precision guided munitions is hereby poised to grow owing to the increased military procurement. The brewing geo-political conflicts and border tensions between nations are other factors that are expected to drive the growth associated with the precision guided weapons sector.
Countries within the Indo-Pacific region as well as APAC have been facing adversities owing to border tensions between nations. For instance, the countries India and China have a strained relationship, however, this has in turn led to the increased procurement of precision-guided missiles in totality.
Trends influencing the Precision Guided Munitions Market Size:
The growing lethality of weapons within the international markets has led to burgeoning investments in research and procurement associated with precision guided weapons. The tense geopolitical climate between China and the US has also been a key contributor to the rising investment in precision guided munitions. Additionally, it has also been brought to notice that the growth in modernization programs has led to an increase in the weapons trade.
Additional factors like the growth in indigenous programs are also expected to give a rise to the growth in the development of precision-guided weapons. The local sourcing of components for the development of defense equipment is poised to hereby poised to increase the percentage of skilled labor within said economy. Moreover, the growth in local programs would potentially give rise to an increase in direct, indirect as well as induced employment as per the multiplier effect.
Precision Guided Missiles Market Forecast & Dynamics:
Precision guided munitions have also been retrofitted to aircraft models that are to be used by aviation and defense personnel. For instance, it is noted that the AH-64E Apache and AH-1Z Super Cobra attack helicopters were successfully fitted with the JAGM missile in 2010, and the missile attained basic operational capability in 2019. All of the following aircraft are anticipated to have JAGM: the FA18E/F Super Hornet, MQ-1C Grey Eagle, MH-60M Defensive Air Penetrator, MH-60S Seahawk, F-35 Lightning II, and P-8 Poseidon.
The development of programs to boost fire-control capabilities across various platforms is poised to boost the growth rate across the precision-guided missiles market.
Precision Guided Munitions Market Analysis for Recent Developments:
The Precision Strike Missile (PrSM) is a new development program that will eventually take the place of the ATACMS. PrSM is a multiple rocket launcher system that can be launched from the M270 and M142 HIMARS. According to the US Army, PrSM is designed to launch two missiles from a single launcher pod, has a range of over 400 kilometers, and features an anti-jam GPS antenna. PrSM is currently in development and is expected to be operational in FY2023. The Army has not yet said when the PrSM will be evaluated. Although this missile may be delivered to foreign forces in the future, the US Army claims that no foreign nations have made purchase commitments as of 2019.
As a part of this program, Lockheed Martin was noted to have received a contract worth USD 158 million contract to construct more Early Operational Capability (EOC) Precision Strike Missiles as of this year (2022). It follows a fruitful Manufacturing Readiness Assessment milestone visit with the Army, which was a crucial stage in the development program that brought PrSM closer to fielding. This is the second manufacturing contract that has been received yet. In September 2021, the U.S. Army issued the first contracts for EOC production and Engineering and Manufacturing Development (EMD)
Table of Contents
Precision Guided Munitions Market Report Definition
Precision Guided Munitions Market Segmentation
- By Product
- By Technology
- By Region
Precision Guided Munitions Market Analysis for next 10 Years
- The 10-year precision guided munitions market analysis would give a detailed overview of precision guided munitions market growth, changing dynamics, technology adoption overviews and the overall market attractiveness is covered in this chapter.
Market Technologies of Precision Guided Munitions Market
- This segment covers the top 10 technologies that is expected to impact this market and the possible implications these technologies would have on the overall market.
Global Precision Guided Munitions Market Forecast
- The 10-year precision guided munitions market forecast of this market is covered in detailed across the segments which are mentioned above.
Regional Precision Guided Munitions Market Trends & Forecast
- The regional precision guided munitions market trends, drivers, restraints and Challenges of this market, the Political, Economic, Social and Technology aspects are covered in this segment. The market forecast and scenario analysis across regions are also covered in detailed in this segment. The last part of the regional analysis includes profiling of the key companies, supplier landscape and company benchmarking. The current market size is estimated based on the normal scenario.
- North America
- Drivers, Restraints and Challenges
- PEST
- Market Forecast & Scenario Analysis
- Key Companies
- Supplier Tier Landscape
- Company Benchmarking
- Europe
- Middle East
- APAC
- South America
- Country Analysis of Precision Guided Munitions Market
- This chapter deals with the key defense programs in this market, it also covers the latest news and patents which have been filed in this market. Country level 10 year market forecast and scenario analysis are also covered in this chapter.
- US
- Defense Programs
- Latest News
- Patents
- Current levels of technology maturation in this market
- Market Forecast & Scenario Analysis
- Canada
- Italy
- France
- Germany
- Netherlands
- Belgium
- Spain
- Sweden
- Greece
- Australia
- South Africa
- India
- China
- Russia
- South Korea
- Japan
- Malaysia
- Singapore
- Brazil
Opportunity Matrix for Precision Guided Munitions Market
The opportunity matrix helps the readers understand the high opportunity segments in this market.
Expert Opinions on Precision Guided Munitions Market Report
Hear from our experts their opinion of the possible analysis for this market.
Conclusions
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List of Tables
- Table 1: 10 Year Market Outlook, 2023-2033
- Table 2: Drivers, Impact Analysis, North America
- Table 3: Restraints, Impact Analysis, North America
- Table 4: Challenges, Impact Analysis, North America
- Table 5: Drivers, Impact Analysis, Europe
- Table 6: Restraints, Impact Analysis, Europe
- Table 7: Challenges, Impact Analysis, Europe
- Table 8: Drivers, Impact Analysis, Middle East
- Table 9: Restraints, Impact Analysis, Middle East
- Table 10: Challenges, Impact Analysis, Middle East
- Table 11: Drivers, Impact Analysis, APAC
- Table 12: Restraints, Impact Analysis, APAC
- Table 13: Challenges, Impact Analysis, APAC
- Table 14: Drivers, Impact Analysis, South America
- Table 15: Restraints, Impact Analysis, South America
- Table 16: Challenges, Impact Analysis, South America
- Table 17: Scenario Analysis, Scenario 1, By Region, 2023-2033
- Table 18: Scenario Analysis, Scenario 1, By Product, 2023-2033
- Table 19: Scenario Analysis, Scenario 1, By Technology, 2023-2033
- Table 20: Scenario Analysis, Scenario 2, By Region, 2023-2033
- Table 21: Scenario Analysis, Scenario 2, By Product, 2023-2033
- Table 22: Scenario Analysis, Scenario 2, By Technology, 2023-2033
List of Figures
- Figure 1: Global Precision Guided Munitions Market Forecast, 2023-2033
- Figure 2: Global Precision Guided Munitions Market Forecast, By Region, 2023-2033
- Figure 3: Global Precision Guided Munitions Market Forecast, By Product, 2023-2033
- Figure 4: Global Precision Guided Munitions Market Forecast, By Technology, 2023-2033
- Figure 5: North America, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 6: Europe, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 7: Middle East, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 8: APAC, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 9: South America, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 10: United States, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 11: United States, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 12: Canada, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 13: Canada, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 14: Italy, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 15: Italy, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 16: France, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 17: France, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 18: Germany, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 19: Germany, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 20: Netherlands, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 21: Netherlands, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 22: Belgium, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 23: Belgium, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 24: Spain, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 25: Spain, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 26: Sweden, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 27: Sweden, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 28: Brazil, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 29: Brazil, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 30: Australia, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 31: Australia, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 32: India, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 33: India, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 34: China, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 35: China, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 36: Saudi Arabia, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 37: Saudi Arabia, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 38: South Korea, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 39: South Korea, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 40: Japan, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 41: Japan, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 42: Malaysia, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 43: Malaysia, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 44: Singapore, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 45: Singapore, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 46: United Kingdom, Precision Guided Munitions Market, Technology Maturation, 2023-2033
- Figure 47: United Kingdom, Precision Guided Munitions Market, Market Forecast, 2023-2033
- Figure 48: Opportunity Analysis, Precision Guided Munitions Market, By Region (Cumulative Market), 2023-2033
- Figure 49: Opportunity Analysis, Precision Guided Munitions Market, By Region (CAGR), 2023-2033
- Figure 50: Opportunity Analysis, Precision Guided Munitions Market, By Product (Cumulative Market), 2023-2033
- Figure 51: Opportunity Analysis, Precision Guided Munitions Market, By Product (CAGR), 2023-2033
- Figure 52: Opportunity Analysis, Precision Guided Munitions Market, By Technology (Cumulative Market), 2023-2033
- Figure 53: Opportunity Analysis, Precision Guided Munitions Market, By Technology (CAGR), 2023-2033
- Figure 54: Scenario Analysis, Precision Guided Munitions Market, Cumulative Market, 2023-2033
- Figure 55: Scenario Analysis, Precision Guided Munitions Market, Global Market, 2023-2033
- Figure 56: Scenario 1, Precision Guided Munitions Market, Total Market, 2023-2033
- Figure 57: Scenario 1, Precision Guided Munitions Market, By Region, 2023-2033
- Figure 58: Scenario 1, Precision Guided Munitions Market, By Product, 2023-2033
- Figure 59: Scenario 1, Precision Guided Munitions Market, By Technology, 2023-2033
- Figure 60: Scenario 2, Precision Guided Munitions Market, Total Market, 2023-2033
- Figure 61: Scenario 2, Precision Guided Munitions Market, By Region, 2023-2033
- Figure 62: Scenario 2, Precision Guided Munitions Market, By Product, 2023-2033
- Figure 63: Scenario 2, Precision Guided Munitions Market, By Technology, 2023-2033
- Figure 64: Company Benchmark, Precision Guided Munitions Market, 2023-2033
